Clapp, John; Deng, Yongheng; An, Xudong - Lusk Center for Real Estate, Marshall School of Business - 2005
terminated by refinance, move, or default. It tests for the importance of unobserved heterogeneity when borrower characteristics … move model, whereas the MNL model without unobserved heterogeneity performs well with the refinance estimates. The MMH …